GOVERNMENT WIDENS AMBIT FOR LLP FIRMS

The Ministry of Corporate Affairs has specified five new categories of professions that are eligible for forming firms under the new limited liability partnership act. Already approved by the Cabinet,
these professions are over and above the earlier categories of chartered accountants, cost accountants
and company secretaries to form LLP firms. The other profession includes engineers, lawyers, architects, actuaries, and financial management consultants. These professions could make LLPs among themselves or in collaboration with other specified professionals.